FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15 (D)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                       Quarterly or Transitional Report

                   U.S. SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549

                                 FORM 10-QSB

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934


                For the quarterly period ended March 31, 1997


[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                For the transition period.........to.........


                        Commission file number 0-13408



                          CENTURY PROPERTIES FUND XX
      (Exact name of small business issuer as specified in its charter)


         California                                            94-2930770
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                             Identification No.)

                         One Insignia Financial Plaza
                       Greenville, South Carolina 29602
                   (Address of principal executive offices)

                                (864) 239-1000
                         (Issuer's telephone number)



Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.  Yes X.    No      .



                        PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS



a)                        CENTURY PROPERTIES FUND XX

                                BALANCE SHEET
                                 (Unaudited)
                       (in thousands, except unit data)

                                March 31, 1997
<TABLE>
<CAPTION>

<S>                                                    <C>            <C>
Assets
  Cash and cash equivalents                                            $    7,006
  Receivables and deposits                                                    326
  Other assets                                                              1,127
  Investment properties:
    Land                                                $   6,495
    Buildings and related personal property                42,373
                                                           48,868
    Less accumulated depreciation                         (16,782)         32,086
                                                                       $   40,545

Liabilities and Partners' Deficit
Liabilities
  Accounts payable                                                     $       21
  Tenants security deposits                                                   172
  Accrued taxes                                                               169
  Accrued interest - promissory notes                                         628
  Other liabilities                                                            47
  Non-Recourse Promissory Notes:
      Principal                                                            31,386
      Deferred interest payable                                            15,426

Partners' Deficit:
  Limited partners' (61,814 units outstanding)          $  (5,872)
  General partner's                                        (1,432)         (7,304)
                                                                       $   40,545
<FN>
                See Accompanying Notes to Financial Statements
</TABLE>

b)                            CENTURY PROPERTIES FUND XX

                               STATEMENTS OF OPERATIONS
                                     (Unaudited)
                           (in thousands, except unit data)


                                                    Three Months Ended
                                                         March 31,
                                                     1997           1996
Revenues:
  Rental income                                  $   1,686      $   1,732
  Other income                                         120            107
      Total revenues                                 1,806          1,839

Expenses:
  Interest to promissory note holders                  628            628
  Operating                                            817            840
  Depreciation                                         379            443
  Amortization of sales commissions and
    organizational costs                                81             81
  General and administrative                           170            174
      Total expenses                                 2,075          2,166

Net loss                                         $    (269)     $    (327)

Net loss allocated to general partner (2%)       $      (5)     $      (7)

Net loss allocated to limited partners (98%)          (264)          (320)

                                                 $    (269)     $    (327)

Net loss per limited partnership unit            $   (4.26)     $   (5.18)


                    See Accompanying Notes to Financial Statements


c)                             CENTURY PROPERTIES FUND XX

                       STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                      (Unaudited)
                            (in thousands, except unit data)
<TABLE>
<CAPTION>
                                    Limited
                                  Partnership     General       Limited
                                     Units       Partner's     Partners'       Total
<S>                               <C>         <C>          <C>            <C>
Original capital contributions     61,814      $      --    $  30,907      $  30,907

Partners' deficit at
 December 31, 1996                 61,814      $  (1,427)   $  (5,608)     $  (7,035)

Net loss for the three months
 ended March 31, 1997                  --             (5)        (264)          (269)

Partners' deficit at
 March 31, 1997                    61,814       $ (1,432)    $ (5,872)     $  (7,304)
<FN>
                 See Accompanying Notes to Financial Statements
</TABLE>

d)                           CENTURY PROPERTIES FUND XX

                              STATEMENTS OF CASH FLOWS
                                    (Unaudited)
                                   (in thousands)
<TABLE>
<CAPTION>
                                                             Three Months Ended
                                                               March 31, 1997
                                                            1997            1996
<S>                                                    <C>             <C>
Cash flows from operating activities:
 Net loss                                               $   (269)       $    (327)
 Adjustments to reconcile net loss to net
  cash provided by operating activities:
  Depreciation                                               379              443
  Amortization of deferred charges                           117              126
  Deferred interest on non-recourse promissory
     notes                                                   314              314
  Change in accounts:
   Receivables and deposits                                  126             (189)
   Other assets                                              (54)               1
   Accounts payable                                         (113)              47
   Tenant security deposits                                   (1)              --
   Accrued taxes                                             (10)              80
   Accrued interest - promissory notes                       314              314
   Other liabilities                                          (6)             (31)

        Net cash provided by operating activities            797              778

Cash flows from investing activities:
   Property improvements and replacements                    (65)            (122)

         Net cash used in investing activities               (65)            (122)

Cash flows from financing activities                          --               --

Net increase in cash and cash equivalents                    732              656

Cash and cash equivalents at beginning of period           6,274            5,246

Cash and cash equivalents at end of period              $  7,006        $   5,902
<FN>
                   See Accompanying Notes to Financial Statements
</TABLE>

e)                            CENTURY PROPERTIES FUND XX

                            NOTES TO FINANCIAL STATEMENTS
                                     (Unaudited)

NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements of Century Properties Fund XX
(the "Partnership") have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-QSB and Item 310(b) of Regulation S-B.  Accordingly,
they do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.  In the
opinion of Fox Capital Management Corporation ("FCMC" or the "Managing General
Partner"), a California corporation, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included. Operating results for the three month period ended March 31, 1997, are
not necessarily indicative of the results that may be expected for the fiscal
year ending December 31, 1997.  For further information, refer to the financial
statements and footnotes thereto included in the Partnership's annual report on
Form 10-KSB for the year ended December 31, 1996.

Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.

NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership.

The general partner of the Partnership is Fox Partners III, a California general
partnership whose general partners are FCMC,  Fox Realty Investors ("FRI"), a
California general partnership, and Fox Partners 84, a California general
partnership.

Pursuant to a series of transactions which closed during the first half of 1996,
affiliates of Insignia Financial Group, Inc. ("Insignia") acquired all of the
issued and outstanding shares of stock of FCMC, NPI Equity Investments II, Inc.
("NPI Equity"), the managing general partner of FRI, and National Property
Investors, Inc. ("NPI").  In connection with these transactions, affiliates of
Insignia appointed new officers and directors of NPI Equity and FCMC.

The following transactions with affiliates of Insignia, NPI, and affiliates of
NPI were incurred during the three months ended March 31, 1997 and 1996 (in
thousands):


                                                            Three Months Ended
                                                                 March 31,
                                                            1997            1996
Property management fees (included in operating
  expenses)                                              $  36            $  35
Reimbursement for services of affiliates (included
  in general and administrative and operating
  expenses)                                                 32               58

For the period from January 19, 1996, to March 31, 1997, the Partnership insured
its properties under a master policy through an agency and insurer unaffiliated
with the Managing General Partner.  An affiliate of the Managing General Partner
acquired, in the acquisition of a business, certain financial obligations from
an insurance agency which was later acquired by the agent who placed the current
year's master policy. The current agent assumed the financial obligations to the
affiliate of the Managing General Partner who received payments on these
obligations from the agent.  The amount of the Partnership's insurance premiums
accruing to the benefit of the affiliate of the Managing General Partner by
virtue of the agent's obligations is not significant.

NOTE C - CONTINGENCY

On January 24, 1990, a settlement agreement was executed by and between the
Partnership and certain defendants in connection with legal proceedings at
Commonwealth Centre.  Lincoln Property Company ("Lincoln"), one of the
defendants, provided the Partnership with a deficiency certificate totaling
$1,250,000 pursuant to Lincoln's company-wide debt restructuring plan.
Effective December 31, 1994, the obligators under this collateral pool agreement
exercised their right to extend the maturity date of the deficiency certificates
to December 31, 1997.  It is anticipated that any payments made to the
Partnership on account of its $1,250,000 face amount deficiency certificate will
not be made, if at all, until such time.  The amount the Partnership will
ultimately receive under the certificate, which is subject to contingencies, is
uncertain.  Accordingly, the certificate will be recorded in the financial
statements when payment is received.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The Partnership's investment properties consist of two apartment complexes,
three office buildings, and two business parks.  The following table sets forth
the average occupancy of the properties for the three months ended March 31,
1997 and 1996:



                                                 Average
                                                Occupancy
Property                                     1997           1996
Commonwealth Centre                          78%             82%
  Dallas, TX

Crabtree Office Center                       96%             92%
  Raleigh, North Carolina

Linpro Park I                                98%            100%
  Reston, Virginia

Metcalf 103 Office Park                      97%             99%
  Overland Park, Kansas

Highland Park Commerce Center                96%             91%
  Charlotte, North Carolina

Harbor Club Downs                            95%             96%
  Palm Harbor, Florida

The Corners Apartments                       90%             96%
  Spartanburg, South Carolina

The Managing General Partner attributes the decrease in occupancy at
Commonwealth Centre to a tenant vacating the property in January 1997, at the
end of its lease. Management at the property is currently in negotiations with
two prospective tenants. If both leases are executed, the property's occupancy
would increase to 100%.  There can be no assurance, however, that either or both
of the prospective tenants will lease space at the property.  Occupancy
increased at Crabtree Office Center and Highland Park Commerce Center as the
result of new tenants moving into the properties during 1996.  The decrease in
occupancy at the Corners Apartments relates to the increased competition
resulting from two new apartment complexes having been built in the market area
during the last year.

The Partnership's net loss for the three months ended March 31, 1997, was
approximately $269,000 versus a net loss of approximately $327,000 for the
corresponding period  of 1996.  The decrease in net loss is primary attributable
to a decrease in total expenses.  The decrease in expenses is primarily the
result of a reduction in depreciation expense, as a result of certain assets
becoming fully depreciated in 1996.  Included in operating expense for the three
months ended March 31, 1996, is approximately $21,000 of major repairs and
maintenance comprised primarily of swimming pool repairs and landscaping.
During the three months ended March 31, 1997, there were no expenditures for
major repairs and maintenance. Partially offsetting the decrease in total
expenses was a decrease in rental income. Included in rental income are tenants
reimbursements which are estimated on a quarterly basis and billed annually.
The estimated tenant reimbursements at December 31, 1996 for Commonwealth and
Metcalf were based on historical information.  These estimates were adjusted in
the first quarter of 1997 when the actual bilings were prepared.  This
adjustment to the 1996 estimate caused a decrease in rental revenues for the
three months ended March 31, 1997.

As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in
expense.  As part of this plan, the Managing General Partner attempts to protect
the Partnership from the burden of inflation-related increases in expenses by
increasing rents and maintaining a high overall occupancy level.  However, due
to changing market conditions, which can result in the use of rental concessions
and rental reductions to offset softening market conditions, there is no
guarantee that the Managing General Partner will be able to sustain such a plan.

At March 31, 1997, the Partnership had unrestricted cash of approximately
$7,006,000, as compared to approximately $5,902,000 at March 31, 1996.  Net cash
provided by operating activities increased primarily due to the reduction in
receivable balances as a result of the timing of the billing and collection of
tenant expense reimbursements.  Net cash used in investing activities decreased
as a result of fewer property improvements and replacements in the first quarter
of 1997.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the various properties to adequately maintain the
physical assets and other operating needs of the Partnership.  Such assets are
currently thought to be sufficient for any near-term needs of the Partnership.
The mortgage indebtedness consists of Non-Recourse Promissory Notes totaling
$46,812,000 in principal and deferred interest.  These notes mature on November
30, 1998, at which time the Partnership will have to extend the due dates of
these notes, find replacement financing, or sell properties.  Future cash
distributions will depend on the levels of net cash generated from operations,
property sales, refinancings, and the availability of cash reserves.  No cash
distributions to the limited partners were made in 1996 or during the three
months ended March 31, 1997.  Currently, the Managing General Partner is
evaluating the feasibility of a distribution from cash reserves in the second
quarter of 1997.

                             PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

a) Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report.

b) Reports on Form 8-K:  None filed during the quarter ended March 31, 1997.


                                      SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                           CENTURY PROPERTIES FUND XX


                           By:   FOX PARTNERS III
                                 Its General Partner

                           By:   FOX CAPITAL MANAGEMENT CORPORATION
                                 Its Managing General Partner

                           By:   /s/William H. Jarrard, Jr.
                                 William H. Jarrard, Jr.
                                 President and Director

                           By:   /s/Ronald Uretta
                                 Ronald Uretta
                                 Vice President and Treasurer

                           Date: May 9, 1997